Mineral Resources, which is a mining services and processing group, in a statement said that it has already “invested considerable time developing a business case to deliver a fit for purpose solution” for the West Pilbara project, including a “total mine to port development plan”.

“MRL considers that a meaningful shareholder in Aquila was appropriate to ensure MRL was well positioned to be actively involved with the other key project stakeholders, and now intends to fully engage in collaborative discussions to ensure the project is brought into production as soon as possible,” the company said in a statement.

Mr Ellison, who was valued at $525 million on the 2013 BRW Rich 200 list, said: “We have the financial capacity to make a meaningful capital contribution towards the development of the project and will now proceed to engage with all major shareholders, including Aquila and Baosteel, to facilitate the best outcome possible.”

Mineral Resources said the share purchase was funded from existing cash reserves.